DLA Piper’s Asia capital markets team in the region has advised on a significant number of IPOs and other public offerings in 2010. The team successfully completed more than 30 major deals for companies and investment banks across various sectors and geographies, including listings on the Main Board of the Hong Kong Stock Exchange (HKSE), bringing Chinese companies for listings on the New York Stock Exchange and Nasdaq as well as advised on numerous India global equity offerings.
Some key projects that DLA Piper advised in HKSE included: Xinjiang Goldwind’s HK$7.1 billion IPO on the Main Board of the HKSE. This was the first time an A-share company listed on the SME board of Shenzhen Stock Exchange was listed in Hong Kong. It was also the second largest IPO by a PRC company in Hong Kong in 2010. On another DLA Piper transaction, Leoch International Technology’s IPO received overwhelming interest from the public, with the retail offering 258 times oversubscribed, and raised HK$1.783 billion. In 2011, the firm also advised the IPO of New China Economy Fund which was the first Chapter 21 listing in seven years.
Esther Leung, DLA Piper’s co-head of Capital Markets in Asia, said, “DLA Piper has built up a solid presence in the Hong Kong IPO markets and is also notable by winning a high volume of fundraising and transactional work for listed companies. The team is busy in advising groups of companies which have securities listed on the stock exchanges of mainland China, Hong Kong, Australia and/or the United States. Our team has a lot of experiences in handling cross-jurisdictional listing compliance matters and this helps our clients to ensure a smooth process to fulfill the sophisticated compliance requirements for the regulating authorities.”
The firm gained significant market share in India’s capital markets, advising the Government of India on Coal India Limited’s IPO. The IPO raised US$3.43 billion, making it India’s largest IPO transaction in history. The deal was also the third largest IPO in the world during 2010. The team, lead by Stephen Peepels, co-head of Capital Markets in Asia, was also named as the No. 1 international law firm in India’s capital markets after receiving the highest number of IPO mandates in 2010 (source: Legally India).
Stephen Peepels said “We have seen growing overseas interest for equities in PRC, Indian and other Asian companies across 2010, as Asia led the global recovery from the economic downturn. We expect this trend to continue in 2011. Many Asia-based companies are also exploring opportunities to acquire interests overseas in Europe, the United States and elsewhere. Our international team is well-equipped to advise on the complex legal issues that arise, both locally and internationally, in relation to public listing and expansion overseas.”
“Following last year’s success, the team will continue to play a growing role in the region’s capital market deals this year. In 2010, we completed seven major IPO projects on the Hong Kong Stock Exchange alone and a number of global offerings by Indian companies together with offerings in other key Asian markets including Singapore, Malaysia and Thailand. On the back of improved market sentiment in 2010, we look forward to providing more companies with the legal counsel they need to accomplish their capital-raising goals,” said Alastair Da Costa, managing director of DLA Piper, Asia.
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